--The legal and regulatory parameters that govern the fund's operations;

--The capabilities of Invesco Advisers, Inc. as fund adviser.

FUND PROFILE

Invesco Dynamic Credit Opportunities Fund is a diversified, closed-end
management investment company. The fund commenced investment operations
on June 26, 2007 and is registered under the Investment Company Act of
1940 (the 1940 Act. The fund's primary investment objective is to seek a
high level of current income with a secondary objective of capital
appreciation. Under normal market conditions, the fund will invest at
least 80% of its net assets in any combination of senior secured
floating-rate and fixed-rate loans, and second lien or other
subordinated or unsecured floating-rate and fixed-rate loans or debt.
The fund also may invest up to 20% of its assets in structured products,
including collateralized debt and loan obligations.

At the time of the rating affirmation, the portfolio held investments in
various asset types including leveraged loans (67%), high yield
corporate bonds (16%) and collateralized loan obligations (5%). The
remaining balance consisted of cash equivalents, receivables and foreign
currency positions. The three largest Fitch industry sectors were
represented by automobiles, building and materials, chemicals (11%);
computer and electronics, communications (10%); and business services
(9%). The portfolio is very diverse in terms of issuer concentration
with the largest issuer representing approximately 1.38% of the
portfolio.

FUND LEVERAGE

The fund employs leverage in the form of a revolving line of credit, of
which $350 million out of a facility limit of $400 million was drawn as
of the July 31, 2014 surveillance report, and $125 million of VRTP
shares. The fund typically targets leverage in a range of 20% - 30% of
total assets and as of July 31, 2014, the fund's leverage was at the top
end of that range at approximately 30%. The bank line is secured by a
general senior first claim on the fund's assets, which is reflected in
Fitch's OC and Net OC calculations. The VRTP shares are subordinate to
the line of credit and senior to the fund's outstanding common shares.

ASSET COVERAGE

The fund's asset coverage ratio, as calculated in accordance with the
Fitch total, and net OC tests (Fitch OC Tests) per the 'AAA' rating
guidelines outlined in Fitch's applicable criteria, were in excess of
100%. This is the minimum threshold required under the terms of the VRTP
shares.

The test calculates standardized asset coverage by applying haircuts to
portfolio holdings based on perceived riskiness and diversification of
the assets and measuring its ability to cover both on- and
off-balance-sheet liabilities, if any, at the assigned 'AAA' stress
level.

The fund's asset coverage ratio for the VRTP Shares, as calculated in
accordance with the 1940 Act, was in excess of the minimum asset
coverage threshold of 225% required by the fund's governing documents
(Preferred Shares Asset Coverage Test).

The fund has covenanted to maintain the effective leverage ratio
(Effective Leverage Test) for the VMTP Shares at or below 45% of total
assets. The fund's Effective Leverage Ratio is currently below 45% as
noted above.

In the event of breaches to any of the above thresholds, the fund is
required to restore compliance per structural protections described
below.

STRUCTURAL PROTECTIONS

Compliance with the Fitch OC, Preferred Shares Asset Coverage Test and
Effective Leverage thresholds is tested periodically. The fund manager
is expected to cure any breach by altering the composition of the
portfolio toward assets with lower discount factors (for Fitch OC
breaches), or by reducing leverage in a sufficient amount (for all other
breaches) within a pre-specified time period.

For Fitch OC, Asset Coverage and Effective Leverage Tests, the maximum
market value exposure (i.e. valuation, cure and redemption) that
preferred shareholders would be exposed to before cure or redemption is
approximately 55 business days.

THE FUND'S ADVISER

Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco,
Ltd., is the fund's adviser, responsible for the fund's overall
investment strategy and its implementation. Invesco Ltd. had
approximately $683 billion of assets under management as of June 30,
2014.

RATINGS SENSITIVITY

The rating assigned to the preferred shares may be sensitive to material
changes in the leverage composition, portfolio credit quality or market
risk of the fund, as described above. A material adverse deviation from
Fitch guidelines for any key rating driver could cause the rating to be
lowered by Fitch.

For additional information about Fitch rating guidelines applicable to
debt and preferred stock issued by closed-end funds, please review the
criteria referenced below, which can be found on Fitch's web site at 'www.fitchratings.com'.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF
THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE
RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR
RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY
CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH
WEBSITE.